Sector round-up 02/01/2018

The Informer
Posted on: 02/01/2018

Shell to buy First Utility

Oil and gas giant Shell has bought First Utility, the British domestic energy and broadband provider.

Mark Gainsborough, Shell’s Executive Vice President of New Energies, said: “This combination will enable Shell to enter a new part of the energy market in the UK and to improve choice for customers by delivering innovative services at competitive prices.”

First Utility will become part of Shell’s European gas and power marketing and trading business.

Greencoat Renewables, the infrastructure investment company listed on the Irish stock market, has bought the 36MW Dromadda More wind farm in County Kerry from Impax Asset Management for €88.4 million (£78 million).

The investment vehicle has also secured a €250 million (£222 million) revolving credit facility from a syndicate of five banks.

Paul O’Donnell, a Partner at Greencoat Capital, the investment manager, said: “Dromadda More represents the first acquisition for Greencoat Renewables since its initial public offering and underpins the growth opportunity that we believe exists in the Irish onshore wind market.”

The Dutch government has held an auction to build the world’s first subsidy-free offshore wind farm.

Bids have been received to build a 700MW wind farm, which is due to come online by 2022.

Eric Wiebes, the Dutch Minister of Economic Affairs and Climate Policy, said: “If these applications do indeed result in an offshore wind farm being constructed without any subsidy, it will be a huge breakthrough.”

Management firm Fiera Infrastructure has bought a collection of residential and commercial solar panels from Macquarie.

The 13,254 residential rooftop solar panels are situated across all regions of England and Wales, with the commercial sites include a rooftop array at Merchant Park and a ground-mounted system at Fazakerley.